The Company was admitted to the Official List (ASX code: OOK) in February 2000 and was previously focused on the operation of the Akela Platform, a fintech Software as a Service platform, and its a passive 18.3% equity interest in BronTech Pty Ltd, a data exchange and identity platform.The Company’s Securities were suspended from official quotation on 5 April 2019 following which the Directors focused on identifying, and conducting due diligence on potential acquisition opportunities to facilitate the re-instatement to trading of the Shares on ASX. Having regard to the prevailing market conditions and the expertise of its Board, efforts primarily focused on opportunities in the resources sector.
On 2 March 2021, the Company announced that it had entered into share sale agreements with:
- the shareholders of Valhalla Minerals Limited (Valhalla) pursuant to which the Company agreed to acquire 57% of the issued share capital of Valhalla; and
- the shareholders of Cameroon Cobalt Pty Ltd (Cameroon Cobalt) pursuant to which the Company agreed to acquire 100% of the issued share capital of Cameron Cobalt, (together, the Acquisitions). The Company has also entered into an earn-in and shareholders agreement in respect to the Boulbi Project. Valhalla (a company incorporated in the British Virgin Islands) is the holder of 90% of the issued share capital of Sahel Minerals SARL (Sahel Minerals) (a company incorporated in Senegal), the registered holder of an advanced copper exploration project located in the Tambacounda Region in Senegal (Boulbi Project). Cameron Cobalt (an Australian private company) is the holder of 100% of the issued share capital of Cameroon Mining Corporation SARL (a company incorporated in Cameroon) (Cameron Mining), the registered holder of a nickel and cobalt exploration project located in the southeast of Cameroon (Messok East Project).
Shareholder approval for the Acquisitions was obtained on 14 April 2021 and settlement occured on 9 July 2021, resulting in a material change to the nature and scale of the Company’s activities.
A Capital Raising Offer associated with the aqcusitions closed on 20 May 2021 and raised total proceeds of A$5,777,773 via the issue of up to 28,888,865 Shares at an issue price of A$0.20 per Share.
Following completion of the Capital Raising Offer and the Acquisitions and the reinstatement of the Company’s shares to the ASX, the Company now intends to conduct:
- exploration drilling at the Boulbi Project and seek to delineate a JORC compliant resource estimate; and
- geological mapping, geochemistry sampling and geophysics analysis at the Boulbi Project and Messok East Project.